Comments on: Pet Insurance: Is It Worth the Cost?http://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/
Common sense advice on money saving tips, how to get out of debt, high interest savings accounts, cd rates, money market accounts, mortgage rates, money management and more.Sun, 02 Aug 2015 22:20:27 +0000hourly1http://wordpress.org/?v=3.0.1By: Sarah Hadleyhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-3760517
Sarah HadleyTue, 02 Sep 2014 09:44:46 +0000http://www.getrichslowly.org/blog/?p=59812#comment-3760517Pet insurance generally cost more than it paid out in our latest comparison of policies. It gives you peace of mind, but the long-term costs are rarely worth it.Pet insurance generally cost more than it paid out in our latest comparison of policies. It gives you peace of mind, but the long-term costs are rarely worth it.

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]]>By: Jordann @ My Alternate Lifehttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-2993602
Jordann @ My Alternate LifeFri, 14 Sep 2012 17:40:52 +0000http://www.getrichslowly.org/blog/?p=59812#comment-2993602I recently went through this dilemma with my new dog Molly. She also came with a brochure about pet insurance. In the end I decided against it for many of the reasons you listed, instead I'm just bulking up my emergency fund.I recently went through this dilemma with my new dog Molly. She also came with a brochure about pet insurance. In the end I decided against it for many of the reasons you listed, instead I’m just bulking up my emergency fund.

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]]>By: Ninahttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-2719352
NinaSat, 19 May 2012 20:02:41 +0000http://www.getrichslowly.org/blog/?p=59812#comment-2719352I, like you, decided pet insurance is way too expensive, so I went with Pet Assure. It's $79 a year and I get 25% off routine vet visits and 10% off my kind of expensive cat food. I'll find out this year if it pays for itself, but this being my first pet I thought I'd play it safe.I, like you, decided pet insurance is way too expensive, so I went with Pet Assure. It’s $79 a year and I get 25% off routine vet visits and 10% off my kind of expensive cat food. I’ll find out this year if it pays for itself, but this being my first pet I thought I’d play it safe.

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]]>By: jenn1079http://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-2324692
jenn1079Tue, 07 Feb 2012 21:39:18 +0000http://www.getrichslowly.org/blog/?p=59812#comment-2324692I tried pet insurance once but ended up canceling since I didn't find it to be worth the money. I instead created my own 'insurance' fund and contributed to it when I had some extra cash and for additional piece of mind signed up with a vet discount thing called "Pet Assure" which is only about 8 dollars a month and gives me a discount whenever I go to the vet. This in conjunction with my rainy day fund has proven to be a winning combination!I tried pet insurance once but ended up canceling since I didn’t find it to be worth the money. I instead created my own ‘insurance’ fund and contributed to it when I had some extra cash and for additional piece of mind signed up with a vet discount thing called “Pet Assure” which is only about 8 dollars a month and gives me a discount whenever I go to the vet. This in conjunction with my rainy day fund has proven to be a winning combination!

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]]>By: A-Lhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-2114402
A-LMon, 19 Dec 2011 03:44:32 +0000http://www.getrichslowly.org/blog/?p=59812#comment-2114402I have returned to this thread several times. We have a 5.5 year old mixed breed who is a larger dog. In the first several years of her life, she has had little in the way of vet bills, apart from her annual visit. And since my last dog went most of her life without many extra vet visits, this makes me feel as though pet insurance isn't really worth it.
At the same time, though, I've had friends whose dogs had lots of vet expenses, and would have appreciated having insurance. And I'm frugal enough that paying more than $1500 for a vet bill would make me start to question what to do. And I don't really want that to happen. My dog is worth far more than that...it's just that our budget would suffer serious damage if we paid more than that.
So, I've been investigating pet insurance. Healthy Paws and Petplan seem to be the best options for us, paying 80-100% of the bills, after the deductible. So I think that some of the people in this thread have based their decisions based on some older pet insurance policies, and thought that others might want to do their own research.I have returned to this thread several times. We have a 5.5 year old mixed breed who is a larger dog. In the first several years of her life, she has had little in the way of vet bills, apart from her annual visit. And since my last dog went most of her life without many extra vet visits, this makes me feel as though pet insurance isn’t really worth it.

At the same time, though, I’ve had friends whose dogs had lots of vet expenses, and would have appreciated having insurance. And I’m frugal enough that paying more than $1500 for a vet bill would make me start to question what to do. And I don’t really want that to happen. My dog is worth far more than that…it’s just that our budget would suffer serious damage if we paid more than that.

So, I’ve been investigating pet insurance. Healthy Paws and Petplan seem to be the best options for us, paying 80-100% of the bills, after the deductible. So I think that some of the people in this thread have based their decisions based on some older pet insurance policies, and thought that others might want to do their own research.

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]]>By: Laura's Last Ditch--Vintage Kitchenwareshttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1796082
Laura's Last Ditch--Vintage KitchenwaresSat, 10 Sep 2011 21:17:55 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1796082Same thing goes for shipping insurance from USPS. I do lots of shipping for my online business. If I insured ever item I sell, I would have been out about $15,000 in insurance, for probably $500 worth of claims. Yet, some people are not willing to take any risk. My take is, if a loss won't cause financial ruin, skip it.Same thing goes for shipping insurance from USPS. I do lots of shipping for my online business. If I insured ever item I sell, I would have been out about $15,000 in insurance, for probably $500 worth of claims. Yet, some people are not willing to take any risk. My take is, if a loss won’t cause financial ruin, skip it.

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]]>By: Adamhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1792702
AdamFri, 09 Sep 2011 21:51:15 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1792702You should look into Embrace Pet Insurance. They have gone above and beyond the call of duty for our dog and we've saved several hundred dollars in expenses. I was skeptical at first, but was extremely happy once our our expenses were covered.You should look into Embrace Pet Insurance. They have gone above and beyond the call of duty for our dog and we’ve saved several hundred dollars in expenses. I was skeptical at first, but was extremely happy once our our expenses were covered.

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]]>By: Jenhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1792672
JenFri, 09 Sep 2011 21:30:31 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1792672Saving up for major medical expenses is good, but it really only works for pets that don't get sick until they are older.
I had a dog who died of kidney failure at age 3. His initial diagnosis was when he was nine months old, so, if we had saved the cost of his monthly premiums for that $3,000 vet bill, we would have saved only $210. (We had the insurance for six months, as we got him when he was three months old.) Instead, we were reimbursed about $1,500 of our vet bill.
Our current dog ruptured one cranial cruciate ligament at age 4. Within the period of treatment for that injury, we quickly broke even and began making money each month. He ended his treatment, but has now ruptured the CCL in his other leg, so we expect to get into the break even point again very quickly and reach a point where our reimbursements exceed our premiums. And, this is without surgical treatment, just physical therapy. Surgical treatment would have taken us past the break even point immediately.
These were both giant breed dogs, and their health care is really expensive when something goes wrong. We do not have coverage for regular check-ups, which are reasonable expenses for us to expect to pay. (Our insurance company offers that coverage, but the trade-off in premium expense is not worth it.) Without that insurance we would have had to go into debt to pay for his treatment, because we would have wiped out our savings, if we had been saving the premium amount since we got this dog.
For anyone who has a large or giant breed, I definitely recommend insurance. For smaller dogs and cats, you are probably right--the lifetime premium payments are more than you would likely spend at the vet.Saving up for major medical expenses is good, but it really only works for pets that don’t get sick until they are older.

I had a dog who died of kidney failure at age 3. His initial diagnosis was when he was nine months old, so, if we had saved the cost of his monthly premiums for that $3,000 vet bill, we would have saved only $210. (We had the insurance for six months, as we got him when he was three months old.) Instead, we were reimbursed about $1,500 of our vet bill.

Our current dog ruptured one cranial cruciate ligament at age 4. Within the period of treatment for that injury, we quickly broke even and began making money each month. He ended his treatment, but has now ruptured the CCL in his other leg, so we expect to get into the break even point again very quickly and reach a point where our reimbursements exceed our premiums. And, this is without surgical treatment, just physical therapy. Surgical treatment would have taken us past the break even point immediately.

These were both giant breed dogs, and their health care is really expensive when something goes wrong. We do not have coverage for regular check-ups, which are reasonable expenses for us to expect to pay. (Our insurance company offers that coverage, but the trade-off in premium expense is not worth it.) Without that insurance we would have had to go into debt to pay for his treatment, because we would have wiped out our savings, if we had been saving the premium amount since we got this dog.

For anyone who has a large or giant breed, I definitely recommend insurance. For smaller dogs and cats, you are probably right–the lifetime premium payments are more than you would likely spend at the vet.

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]]>By: Lishttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1131022
LisWed, 26 Jan 2011 23:01:57 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1131022BOO! This post is a joke. I have been an Embrace pet insurance customer for years and my experience has been wonderful.
Sure, you can self-insure anything, I could self-insure my medical expenses, but everyone knows that would be stupid. So why are pets different? They're not. Anyone with a pet will tell you that $300 isn't going to pay for any major, veterinary procedure. Pet injuries and illnesses can cost well over $5,000 to treat, which means it would take more than 16 years of "self-insurance" to pay for the procedure. Furthermore, how do you pay for a major procedure if it happens in year 2 or 3 or 5?
Discipline and psychology aside, this article is nothing more than bad opinion and conjecture. If Ms. Schultz put even 5 minutes into her research she would find that respected pet insurance companies like Embrace offer wellness programs and flexible plans to meet your needs and fit your financial situation.
Of course none of us like paying for something we don't use, but that's not the point of insurance. Insurance is a hedge against potential, future financial losses and there is no better time in our country's history for responsible pet owners to insure their loved ones in order to avoid putting a $9,000 hip replacement on their credit card.
I'm shocked this was posted on such a respectable publications website.BOO! This post is a joke. I have been an Embrace pet insurance customer for years and my experience has been wonderful.

Sure, you can self-insure anything, I could self-insure my medical expenses, but everyone knows that would be stupid. So why are pets different? They’re not. Anyone with a pet will tell you that $300 isn’t going to pay for any major, veterinary procedure. Pet injuries and illnesses can cost well over $5,000 to treat, which means it would take more than 16 years of “self-insurance” to pay for the procedure. Furthermore, how do you pay for a major procedure if it happens in year 2 or 3 or 5?

Discipline and psychology aside, this article is nothing more than bad opinion and conjecture. If Ms. Schultz put even 5 minutes into her research she would find that respected pet insurance companies like Embrace offer wellness programs and flexible plans to meet your needs and fit your financial situation.

Of course none of us like paying for something we don’t use, but that’s not the point of insurance. Insurance is a hedge against potential, future financial losses and there is no better time in our country’s history for responsible pet owners to insure their loved ones in order to avoid putting a $9,000 hip replacement on their credit card.

I’m shocked this was posted on such a respectable publications website.

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]]>By: Tony Dobsonhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1095612
Tony DobsonFri, 14 Jan 2011 03:40:34 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1095612Firstly my sympathies are with you Sierra. Losing a pet is horrible.
I'm going to differ in opinion here to most. My wife and I kept the insurance for our recently passed cross-collie, simply because we never wanted his health and life to be a financial decision. We're glad we did because in his later years, and especially the last few months, the costs were coming more frequently.
We loved that dog and we miss him, but at least we don't have any regrets. We gave him all we could and when it was that time it was because that's the way nature would have it, not because we couldn't afford his vet's bills or a required treatment.Firstly my sympathies are with you Sierra. Losing a pet is horrible.

I’m going to differ in opinion here to most. My wife and I kept the insurance for our recently passed cross-collie, simply because we never wanted his health and life to be a financial decision. We’re glad we did because in his later years, and especially the last few months, the costs were coming more frequently.

We loved that dog and we miss him, but at least we don’t have any regrets. We gave him all we could and when it was that time it was because that’s the way nature would have it, not because we couldn’t afford his vet’s bills or a required treatment.

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]]>By: Oonahttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1092172
OonaWed, 12 Jan 2011 16:37:28 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1092172Sierra, completely agree that when pets are healthy for most of their lives it may not seem like a necessity to get pet insurance (and you have those 15 years to save up for end-of-life care). However, having now had two close friends deal with $10,000 vet bills because of their dogs getting into car accidents (one was 2 years old and the other was 10 months old), I'm truly in favor of pet insurance. My two friends weren't insured at the time, but both have Healthy Paws (www.healthypawspetinsurance.com) policies now, just as I do. I just can't imagine spending $10,000 or more for vet bills, so my dog's had pet insurance from day one.Sierra, completely agree that when pets are healthy for most of their lives it may not seem like a necessity to get pet insurance (and you have those 15 years to save up for end-of-life care). However, having now had two close friends deal with $10,000 vet bills because of their dogs getting into car accidents (one was 2 years old and the other was 10 months old), I’m truly in favor of pet insurance. My two friends weren’t insured at the time, but both have Healthy Paws (www.healthypawspetinsurance.com) policies now, just as I do. I just can’t imagine spending $10,000 or more for vet bills, so my dog’s had pet insurance from day one.

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]]>By: Kay Lynn @ Bucksome Boomerhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1061922
Kay Lynn @ Bucksome BoomerSat, 01 Jan 2011 01:29:55 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1061922Sorry to hear about your loss. There must be a story behind Monster's name!
We have a cat and a dog and are self-insured when it comes to their care. The insurance just doesn't see worth it.Sorry to hear about your loss. There must be a story behind Monster’s name!

We have a cat and a dog and are self-insured when it comes to their care. The insurance just doesn’t see worth it.

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]]>By: PawPrinthttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1059592
PawPrintThu, 30 Dec 2010 23:18:26 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1059592#77, that's very good advice. As a shelter volunteer, I've seen dogs neutered/spayed as old as 13 because the shelter won't adopt out unless the pet is spayed/neutered. Many people don't get that there are health benefits to spaying/neutering so even if you don't breed your dog and can ensure no accidents, spaying helps reduce mammary cancer and, as you know, uterine issues and neutering reduces testicular cancer.#77, that’s very good advice. As a shelter volunteer, I’ve seen dogs neutered/spayed as old as 13 because the shelter won’t adopt out unless the pet is spayed/neutered. Many people don’t get that there are health benefits to spaying/neutering so even if you don’t breed your dog and can ensure no accidents, spaying helps reduce mammary cancer and, as you know, uterine issues and neutering reduces testicular cancer.

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]]>By: Rogerhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1059472
RogerThu, 30 Dec 2010 22:23:03 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1059472@robertw #83
I agree with you. Insurance is for catastrophic events. Get a good coverage for illness and accident. No routine care, because that mean delegating your buget to an insurance company. Select a deductible amount as high as possible (equal to the financial risk you are able to take). Your premium should then be within a reasonable limit. If your emergency fund is big enough,let say more than 10,000$, you can always skip the insurance. But I think most pet owners will be caught in an emotional dilemma that sounds like : is this reasonnable ? What if Kitty dies anyway shortly after that 8,000$ treatment ? And then, worst case scenario, what happen if you lose your employment shortly after spending that emergency fund ? I guess you get the picture.
All this being said, pet owners are the primary beneficiaries of this kind of insurance. The are buying themself emotional comfort. Fluffy has no clue about this.@robertw #83

I agree with you. Insurance is for catastrophic events. Get a good coverage for illness and accident. No routine care, because that mean delegating your buget to an insurance company. Select a deductible amount as high as possible (equal to the financial risk you are able to take). Your premium should then be within a reasonable limit. If your emergency fund is big enough,let say more than 10,000$, you can always skip the insurance. But I think most pet owners will be caught in an emotional dilemma that sounds like : is this reasonnable ? What if Kitty dies anyway shortly after that 8,000$ treatment ? And then, worst case scenario, what happen if you lose your employment shortly after spending that emergency fund ? I guess you get the picture.

All this being said, pet owners are the primary beneficiaries of this kind of insurance. The are buying themself emotional comfort. Fluffy has no clue about this.

]]>By: robertwhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1058312
robertwThu, 30 Dec 2010 15:19:09 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1058312Terrible advice. My first dog had a single lifesaving incident for $8500. She lived another 5 1/2 years after a liver disease that she had for the rest of her life. She was on medicine etc. I had many other vet bills also. My tiny bills were 500 a pop. I had many in the 1000-2000 range. I have pet insurance on my current dog. I also put money away for other costs etc. My goal is to insure the major events not the minor ones. Unfortunately people just dont get it with insurance products. Whether it is your own health insurance, pet etc you want to keep premiums at the lowest level by insuring the major events and saving money on the side for the minor or out of pocket stuff. People want every last cost insured and the cost for that is way too much! Check out the pet insurance company and read the details before you buy.Terrible advice. My first dog had a single lifesaving incident for $8500. She lived another 5 1/2 years after a liver disease that she had for the rest of her life. She was on medicine etc. I had many other vet bills also. My tiny bills were 500 a pop. I had many in the 1000-2000 range. I have pet insurance on my current dog. I also put money away for other costs etc. My goal is to insure the major events not the minor ones. Unfortunately people just dont get it with insurance products. Whether it is your own health insurance, pet etc you want to keep premiums at the lowest level by insuring the major events and saving money on the side for the minor or out of pocket stuff. People want every last cost insured and the cost for that is way too much! Check out the pet insurance company and read the details before you buy.

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]]>By: Maureenhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1057842
MaureenThu, 30 Dec 2010 12:56:13 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1057842I've always been in two minds about pet insurance. I feel like I'd rather save and invest the money myself but like all investments this requires discipline. It's a difficult decision to make but one that every owner has to confront as early as possible to avoid being crippled by any vet costs.I’ve always been in two minds about pet insurance. I feel like I’d rather save and invest the money myself but like all investments this requires discipline. It’s a difficult decision to make but one that every owner has to confront as early as possible to avoid being crippled by any vet costs.

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]]>By: Rosahttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056872
RosaThu, 30 Dec 2010 03:03:01 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056872@Anthony #76 - when a cat dies in the summer here, we bury it in the backyard. But my last cat died in November, after the hard freeze - no way was I storing him in the kitchen freezer until May or June.@Anthony #76 – when a cat dies in the summer here, we bury it in the backyard. But my last cat died in November, after the hard freeze – no way was I storing him in the kitchen freezer until May or June.

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]]>By: Rogerhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056732
RogerThu, 30 Dec 2010 00:52:55 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056732To Anthony from Down Under :
Not everybody has a backyard.To Anthony from Down Under :

Not everybody has a backyard.

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]]>By: xoxobrahttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056722
xoxobraThu, 30 Dec 2010 00:49:36 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056722I don't know if pet insurance is usually worth it for a cat or dog, but for my wife and I's rabbits, it was a huge plus. Rabbits are often considered exotic, so it's more difficult to find doctors who know how to treat them for illness. Add to that the fact that rabbits don't outwardly show signs of illness until things get really bad -- causing many vet trips for rabbits to be emergency, often late-night ordeals -- and you have bills that can add up really quickly. So for those with exotic animals, it might really be worth it to look into.
Oh, and sorry about your cat.I don’t know if pet insurance is usually worth it for a cat or dog, but for my wife and I’s rabbits, it was a huge plus. Rabbits are often considered exotic, so it’s more difficult to find doctors who know how to treat them for illness. Add to that the fact that rabbits don’t outwardly show signs of illness until things get really bad — causing many vet trips for rabbits to be emergency, often late-night ordeals — and you have bills that can add up really quickly. So for those with exotic animals, it might really be worth it to look into.

Oh, and sorry about your cat.

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]]>By: Marilynhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056682
MarilynThu, 30 Dec 2010 00:30:31 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056682Like Michele I also have Embrace pet insurance. I just got it in March and my dog needed $10,000 worth of surgeries in December. I only picked the $5000 plan (wish I had gone for the $10,000 one). They have paid the entire $5,000.
Years ago I rescued another dog that needed 2 major liver surgeries among other surgeries. I did not have insurance and it took over a year to pay off the bill.
I kept puting off getting insurance because of all the negativety I read about. Then I read an article about Embrace that changed my mind. I didn't get the coverage until my girl was 5 (accident and wellness) and my boy was 8 (accident only).
When the time came to make the claims, I paid my yearly deductible first (which i chose) and then they paid 80% of the bill. They let me know when they received the bill from the vet, and when my check is going out (within a month). I don't know what I would've done without them.
For me, my furchildren are just that, My children. To me this insurance is worth every penny.Like Michele I also have Embrace pet insurance. I just got it in March and my dog needed $10,000 worth of surgeries in December. I only picked the $5000 plan (wish I had gone for the $10,000 one). They have paid the entire $5,000.

Years ago I rescued another dog that needed 2 major liver surgeries among other surgeries. I did not have insurance and it took over a year to pay off the bill.

I kept puting off getting insurance because of all the negativety I read about. Then I read an article about Embrace that changed my mind. I didn’t get the coverage until my girl was 5 (accident and wellness) and my boy was 8 (accident only).

When the time came to make the claims, I paid my yearly deductible first (which i chose) and then they paid 80% of the bill. They let me know when they received the bill from the vet, and when my check is going out (within a month). I don’t know what I would’ve done without them.

For me, my furchildren are just that, My children. To me this insurance is worth every penny.

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]]>By: Deshttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056572
DesWed, 29 Dec 2010 23:30:32 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056572RE: #1 - I don't understand why people are so opposed to *others* paying out the nose for vet treatments. Pets are a luxury, and if you can afford them, great. We recently paid $5k in vet bills when our 13 year old Yorkie started having seizures*. BUT - we can afford it. No debt, e-fund, 10 year old car, no cable, 6 figure income, etc. My dog is more important to me than driving a new car (which would certainly cost more than $5k). Why is that crazy?
*As an aside, the seizures were caused by an infected uterus. We got her when she was already 10 years old and thought it would be too risky to get her spayed at her advanced age. Turns out it was riskier not to - always fix your pets! It was an expensive and stressful lesson for us. :(RE: #1 – I don’t understand why people are so opposed to *others* paying out the nose for vet treatments. Pets are a luxury, and if you can afford them, great. We recently paid $5k in vet bills when our 13 year old Yorkie started having seizures*. BUT – we can afford it. No debt, e-fund, 10 year old car, no cable, 6 figure income, etc. My dog is more important to me than driving a new car (which would certainly cost more than $5k). Why is that crazy?

*As an aside, the seizures were caused by an infected uterus. We got her when she was already 10 years old and thought it would be too risky to get her spayed at her advanced age. Turns out it was riskier not to – always fix your pets! It was an expensive and stressful lesson for us.

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]]>By: Anthonyhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056532
AnthonyWed, 29 Dec 2010 23:00:56 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056532Hehehehehe,
Things are a bit different "down under", when our dog dies he will be buried in the backyard - cremation you must be kidding.Hehehehehe,

Things are a bit different “down under”, when our dog dies he will be buried in the backyard – cremation you must be kidding.

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]]>By: Rogerhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056452
RogerWed, 29 Dec 2010 22:21:41 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056452If only all our financial decisions were rational...
Of course I have doubts about the financial benefits of having Pet Health Insurance. Neverthless I got insurance for my two cats and I am happy with my decision. I also put an equivalent amount in an ING Direct account for them (roughly 40$ per month). The savings in the ING acount will eventually make-up for the deductible and the 20% co-pay. The policy I chose has a high deductible amount (500$) and doesn't cover predictible and budgetable expenses such as yearly check-up and vaccination(I don't insure my groceries expenses). Claim process is easy : I just sign a blank form and the folks at the vet clinic take care of the rest at no charge (I love these people).
Why do I buy pet insurance ? Essentially for the peace of mind. I don't want to face that gut wrenching process of deciding between a 5,000$ treatment and putting my animal to sleep. Knowing there is an insurance coverage will automate my decision. The Insurance Company will not cover euthanasia and cremation unless putting down the animal is the only option and is recommanded by the vet. Unrational thinking ? Totally, and I assume it ! But hey : why do folks buy a 80,000$ BMW when a 45,000$ Lexus would do the job (or even a 25,000$ Chevy) ?
I do have a question regarding your post : you wrote that Home and Health Insurance are important for you. But, given that you have young children, what about Life Insurance ?If only all our financial decisions were rational…
Of course I have doubts about the financial benefits of having Pet Health Insurance. Neverthless I got insurance for my two cats and I am happy with my decision. I also put an equivalent amount in an ING Direct account for them (roughly 40$ per month). The savings in the ING acount will eventually make-up for the deductible and the 20% co-pay. The policy I chose has a high deductible amount (500$) and doesn’t cover predictible and budgetable expenses such as yearly check-up and vaccination(I don’t insure my groceries expenses). Claim process is easy : I just sign a blank form and the folks at the vet clinic take care of the rest at no charge (I love these people).
Why do I buy pet insurance ? Essentially for the peace of mind. I don’t want to face that gut wrenching process of deciding between a 5,000$ treatment and putting my animal to sleep. Knowing there is an insurance coverage will automate my decision. The Insurance Company will not cover euthanasia and cremation unless putting down the animal is the only option and is recommanded by the vet. Unrational thinking ? Totally, and I assume it ! But hey : why do folks buy a 80,000$ BMW when a 45,000$ Lexus would do the job (or even a 25,000$ Chevy) ?

I do have a question regarding your post : you wrote that Home and Health Insurance are important for you. But, given that you have young children, what about Life Insurance ?

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]]>By: PetDoctorhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056422
PetDoctorWed, 29 Dec 2010 21:49:03 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056422I am a veterinarian and recommend pet insurance to all of our clients. Check out www.petinsurancereview.com for a breakdown of all of the costs and which plans cover what conditions. While it is true many plans don't cover routine care, many of them do. Also, some of the high deductible emergency only plans are less than $10 per month. Make sure you do your research and see what conditions are not covered, i.e. back surgery for Dachshunds or hip dysplasia for German Shepherds.
A few of the other comments I will make note of. $365 per year on pet care would work for young healthy cats, but probably not dogs. If your pet was to get sick, injured, or have a treatable but uncurable disease, such as diabetes, then medical costs will be much greater than $300 per year.
Care Credit was mentioned, and is offered at many clinics. Our hospital offers a plan with 6 months no interest. Another poster mentioned that it is rare to do procedures for more than $2400. It's not that rare or uncommon for hospitals to perform procedures that cost much more than that. Hip replacements for dogs range from $3500 to $5500 per leg in our area of the country.
The decision of how much money to spend and how far you are willing to go with your pets is an individual decision. I see people every day willing to do anything and everything it takes, no matter the cost. I also see people who are like the first poster, although they are rare. For pet insurance the bottom line is I think it's worth it, just do your research.I am a veterinarian and recommend pet insurance to all of our clients. Check out http://www.petinsurancereview.com for a breakdown of all of the costs and which plans cover what conditions. While it is true many plans don’t cover routine care, many of them do. Also, some of the high deductible emergency only plans are less than $10 per month. Make sure you do your research and see what conditions are not covered, i.e. back surgery for Dachshunds or hip dysplasia for German Shepherds.

A few of the other comments I will make note of. $365 per year on pet care would work for young healthy cats, but probably not dogs. If your pet was to get sick, injured, or have a treatable but uncurable disease, such as diabetes, then medical costs will be much greater than $300 per year.

Care Credit was mentioned, and is offered at many clinics. Our hospital offers a plan with 6 months no interest. Another poster mentioned that it is rare to do procedures for more than $2400. It’s not that rare or uncommon for hospitals to perform procedures that cost much more than that. Hip replacements for dogs range from $3500 to $5500 per leg in our area of the country.

The decision of how much money to spend and how far you are willing to go with your pets is an individual decision. I see people every day willing to do anything and everything it takes, no matter the cost. I also see people who are like the first poster, although they are rare. For pet insurance the bottom line is I think it’s worth it, just do your research.

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]]>By: Jeffhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056412
JeffWed, 29 Dec 2010 21:46:54 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056412Stacy, thanks for the information, that's pretty close to what I read before.
To the people who say pet insurance doesn't cover hereditary or chronic conditions: Yes it does. You have to look for companies that will cover it. Mine does, I pay $32/mo and I have a $200 per incident deductible then 100% coverage up to $8,000 per year. They cover chronic and hereditary conditions and they guarantee policy renewal regardless of your claims.
I don't expect to or want to "get back" my premium. I love my pet and I love my money, I never want to be put into a position to choose between the two.
Edit: I also want to note that I adopted my Golden Retriever and I bought insurance for him in case he had poor breeding. My main concerns were hereditary conditions so I made darn sure it was covered.Stacy, thanks for the information, that’s pretty close to what I read before.

To the people who say pet insurance doesn’t cover hereditary or chronic conditions: Yes it does. You have to look for companies that will cover it. Mine does, I pay $32/mo and I have a $200 per incident deductible then 100% coverage up to $8,000 per year. They cover chronic and hereditary conditions and they guarantee policy renewal regardless of your claims.

I don’t expect to or want to “get back” my premium. I love my pet and I love my money, I never want to be put into a position to choose between the two.

Edit: I also want to note that I adopted my Golden Retriever and I bought insurance for him in case he had poor breeding. My main concerns were hereditary conditions so I made darn sure it was covered.

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]]>By: tmoneyhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056262
tmoneyWed, 29 Dec 2010 20:38:09 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056262Wanting pet insurance to cover routine care will ruin pet care just like health insurance has ruined people care. An office visit, physical, yearly vaccinations and blood work at a vet costs me ~$100, a simple office visit alone costs my insurance company ~$250 (or that's what they charge, and the insurance company pays out something like $90). Doctors do this because insurance companies base their reimbursements on some average price - some percentage, so if the doctor wants to be paid x amount, they have to charge x + y, this leaves cash people in the lurch. If doctors had to charge their customers directly, like your vet does, they wouldn't charge $250 for a visit because they know you wouldn't pay it. Pet insurance will do the same thing to vet care if we let it.
As to the value of pet insurance, every time I've done the math, it just hasn't worked out. There's too many things it doesn't cover, most insurance only insures during the times your dog is less likely to have issues and even the stuff it does cover it covers at a pittance in comparison, so by the time you've paid your part you might as well have just self insured and socked the money into an interest bearing account. I've paid $300 every 3 months for a chronic condition in my dog (that the insurance would have covered $50 of each time whoo!), I've paid $600 to have a growth cut out and checked. I buy better food for her health (though, at $50 / 30# it's hardly expensive) and I've spent plenty on her in other expenses, but even totaling it all out, I've come out ahead. Even if I had to spend $5000 in one go, at the rates my bank gives me for personal loans, that's a mere $100 / month (and only $30 more than insurance would cost). Ultimately, I've decided that if the time ever came when I was looking at outlaying a large chunk of cash like that in one go, and looking at continuing expenses after that, then I would let my dog go. She is a wonderful dog, but her life has been hard and she owes me nothing. I can't look her in the face and explain all the pain she's about to go through is for her own good, or how even though she's suffering with whatever calamity has befallen her, that I still want her around. When her time comes, it's her time, and even if insurance could make it so that her living 6 more months was affordable, I don't think the cost to her would be worth it.Wanting pet insurance to cover routine care will ruin pet care just like health insurance has ruined people care. An office visit, physical, yearly vaccinations and blood work at a vet costs me ~$100, a simple office visit alone costs my insurance company ~$250 (or that’s what they charge, and the insurance company pays out something like $90). Doctors do this because insurance companies base their reimbursements on some average price – some percentage, so if the doctor wants to be paid x amount, they have to charge x + y, this leaves cash people in the lurch. If doctors had to charge their customers directly, like your vet does, they wouldn’t charge $250 for a visit because they know you wouldn’t pay it. Pet insurance will do the same thing to vet care if we let it.

As to the value of pet insurance, every time I’ve done the math, it just hasn’t worked out. There’s too many things it doesn’t cover, most insurance only insures during the times your dog is less likely to have issues and even the stuff it does cover it covers at a pittance in comparison, so by the time you’ve paid your part you might as well have just self insured and socked the money into an interest bearing account. I’ve paid $300 every 3 months for a chronic condition in my dog (that the insurance would have covered $50 of each time whoo!), I’ve paid $600 to have a growth cut out and checked. I buy better food for her health (though, at $50 / 30# it’s hardly expensive) and I’ve spent plenty on her in other expenses, but even totaling it all out, I’ve come out ahead. Even if I had to spend $5000 in one go, at the rates my bank gives me for personal loans, that’s a mere $100 / month (and only $30 more than insurance would cost). Ultimately, I’ve decided that if the time ever came when I was looking at outlaying a large chunk of cash like that in one go, and looking at continuing expenses after that, then I would let my dog go. She is a wonderful dog, but her life has been hard and she owes me nothing. I can’t look her in the face and explain all the pain she’s about to go through is for her own good, or how even though she’s suffering with whatever calamity has befallen her, that I still want her around. When her time comes, it’s her time, and even if insurance could make it so that her living 6 more months was affordable, I don’t think the cost to her would be worth it.

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]]>By: Elyhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056242
ElyWed, 29 Dec 2010 20:28:38 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056242Another thing to consider is that common breed-specific problems are often not covered. If your breed is prone to hip displaysia or ear infections or back problems, do not expect insurance to pay.Another thing to consider is that common breed-specific problems are often not covered. If your breed is prone to hip displaysia or ear infections or back problems, do not expect insurance to pay.

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]]>By: twentysomethingmoneyhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056202
twentysomethingmoneyWed, 29 Dec 2010 20:19:03 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056202Sorry to hear about the cat! Pet Insurance has been an interesting concept since it became popular a few years back. It does almost make sense to have it, seeing how much you could (in theory) save.
I think the biggest challenge for the whole insurance issue, is no one really knows about it, nor have the incentive to ask, just yet. I bet one day, it'll be as mainstream as life insurance (for humans)Sorry to hear about the cat! Pet Insurance has been an interesting concept since it became popular a few years back. It does almost make sense to have it, seeing how much you could (in theory) save.

I think the biggest challenge for the whole insurance issue, is no one really knows about it, nor have the incentive to ask, just yet. I bet one day, it’ll be as mainstream as life insurance (for humans)

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]]>By: MJhttp://www.getrichslowly.org/blog/2010/12/29/pet-insurance-is-it-worth-the-cost/comment-page-2/#comment-1056192
MJWed, 29 Dec 2010 20:18:21 +0000http://www.getrichslowly.org/blog/?p=59812#comment-1056192Setting aside that LifeandFinances has set up an extremely rare and likely false dilemma ($5000+ for a few more days), I bet there is a big gulf between the rational cost-vs-benefit claims of what people "would" do if a pet became very sick, and the reality of their choice if confronted with such a situation.
When you have experienced the love and joy of owning a pet for several years, I think you know deep down that rationality aside, you would pay pretty much anything for a chance to save your animal when you are at the vet, holding that warm, furry, confused body. I would always make decisions based on that prospect.Setting aside that LifeandFinances has set up an extremely rare and likely false dilemma ($5000+ for a few more days), I bet there is a big gulf between the rational cost-vs-benefit claims of what people “would” do if a pet became very sick, and the reality of their choice if confronted with such a situation.

When you have experienced the love and joy of owning a pet for several years, I think you know deep down that rationality aside, you would pay pretty much anything for a chance to save your animal when you are at the vet, holding that warm, furry, confused body. I would always make decisions based on that prospect.